Stock market news: Opening bell, September 24, 2018

Saudi
Arabian Energy Minister Khalid al-Falih talks to the media at the
OPEC Ministerial Monitoring Committee in Algiers,
Algeria.
Reuters/Ramzi
Boudina

Here is what you need to know. 

China says it won’t negotiate on trade with the US as the latest
tariffs bite. Beijing published a white paper
on Monday that attacked the “protectionist practices” and “trade
bullyism practices of the U.S. administration,” according to
state-run Chinese news service Xinhua.

Some US trading partners could pick up the slack if Trump’s trade
war with China escalates.  Mexico, Vietnam,
South Korea, Canada, and Taiwan stand to benefit the most as
an alternative US trading partner if its trade war with China
escalates further, Macquarie says.

There’s been a big new buyer of US government bonds in
2018. US households have purchased 46% of the
government’s total Treasury supply in 2018, according to Morgan
Stanley.

Crude oil spikes to an almost 2.5-month high after OPEC holds
production. West Texas Intermediate crude oil
climbed above $72 a barrel level Monday, hitting its highest
level since July 11, after OPEC said on Sunday that it’s in no
hurry to boost production.  

A “perfect storm” is brewing in stocks. “Much
of this year’s action suggests a rate-driven correction is
nearing,” Vincent Deluard, a macro strategist at INTL FCStone,
said in a recent client note. “The next few weeks could be a
perfect storm for the U.S. equity market.”

Comcast outbid Rupert Murdoch for
Sky. Comcast’s $40 billion bid for
Sky, Europe’ biggest pay-TV company, edged out the
Disney-backed bid by Rupert Murdoch’s Fox, Reuters reports.

Dell Technologies is revisiting plans for an IPO.
Dell is revisiting plans for an initial public offering after
several hedge funds have resisted its $21.7 billion
cash-and-stock offer to buy back “tracking stock” that is tied to
its stake in the software company VMware, Reuters reports, citing
people familiar with the matter.

Analysts and experts are zeroing in on where they think Amazon’s
HQ2 will be. The Washington DC area, and more
specifically Oatlands, Virginia, is the likely landing spot
for Amazon’s HQ2, according to industry insiders.

Stock markets
around the world are lower. Hong Kong’s Hang
Seng (-1.62%) led the losses in Asia and Germany’s DAX (-0.43%)
trails in Europe. The S&P 500 is set to open down 0.23% near
2,923.

US economic trickles out. Dallas Fed
Manufacturing will be released at 10:30 a.m. ET. The US 10-year
yield is up 2 basis points at 3.08%.